The Podcast Every Homeowner Needs to Hear – an Interview with Dr. Lawrence Yun

In today’s
climate, there’s a lot of misinformation and uncertainty in the marketplace. I recently had the pleasure of interviewing
Dr. Lawrence Yun, Chief Economist and Senior Vice
President of Research at the National Association of REALTORS®, to get an update on the ongoing effects of the
Coronavirus on the economy and housing. Here are
some of the main takeaways, based on the very latest data:

There was a
housing shortage before the pandemic hit and there is still an acute shortage
today. Because of this inventory shortage, it is unlikely that house prices
will decline going forward and data shows that there is little expectation by
buyers for any big discount. For the year as a whole in 2020, it is anticipated
that sales activity will be down about 10 to 15 percent, which is very acceptable
for a bump in a year. Going into 2021, with pent-up demand, it is expected that
sales will increase about 15 percent, with prices rising 3 to 5 percent.